Kingbird Inc. issues 7,500 shares of $100 par value preferred stock for cash at $110 per...

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Kingbird Inc. issues 7,500 shares of $100 par value preferred stock for cash at $110 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Kingbird Inc. issues 7,500 shares of $100 par value preferred stock for cash at $110 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

Answer rating: 100% (QA)

1 Debit Cash 825000 2 Credit Preferred Stock Par Value 100 750000 PaidIn Capital in Excess of Par Pr... View the full answer